Indian online payments firm Razorpay has secured $75m in a Series C funding round.

The round was led by venture capital firms Ribbit Capital and Sequoia India. The two are new investors.

The pair was joined by Tiger Global Management and Y Combinator, who earlier led Razorpay’s Series B funding round.

Matrix Partners also participated in the Series B round, which along with the Series A funding round raised $31.5m.

Notably, Razorpay bagged an investment from MasterCard.

Ribbit Capital managing partner said: “The digital payments market in India is massive.

“We are excited to be part of a company that is building trust between the consumers and the retailers to enable payments to flow faster and more efficiently in India.”

With the fresh funds, the company intends to ramp up its neo-banking platform dubbed Razorpay X as well as lending unit Razorpay Capital.

The payments firm also plans to execute acquisitions in the coming six months and raise its staff headcount to 700.

Razorpay cofounder and CEO Harshil Mathur said: “We expect our nonpayment gateway businesses to contribute an estimated 40% to our overall revenue over the next two years.”

Razorpay counts IRCTC, Airtel, BookMyShow, Zomato, Swiggy, Yatra as clients.

By next year, Razorpay intends to raise its merchant count to 450,000.